Glencore discloses against the Global Industry Standard on Tailings Management

Baar, Switzerland
4 August 2023

In 2020, the Global Tailings Review, made up of the International Council on Mining and Metals (ICMM), United Nations Environment Programme (UNEP) and Principles for Responsible Investment (PRI), published the new Global Industry Standard on Tailings Management (GISTM). Glencore participated in the development of the GISTM through its membership of the ICMM. 

On 5 August 2020, all ICMM members, including Glencore, committed to implementing the GISTM. In line with the ICMM timetable, today we report on the conformance to GISTM for our tailing storage facilities (TSFs) with ‘Very High’ or ‘Extreme’ Consequence Classifications. 

We have taken a rigorous and technically robust approach to applying the GISTM, which goes beyond self-assessments and includes independent third-party assurance. We welcome the greater transparency it has brought around the management of these important facilities. 

We are pleased with the progress we have made over the last three years. This includes the development of a Tailings Manager Academy, entering into a global agreement for Satellite (InSAR) monitoring, undertaking major engineering works at a number of TSFs, the development of action plans to address identified gaps, establishing detailed roadmaps to conformance and independent assessments by Klohn Crippen Berger (KCB), an engineering, geosciences, and environmental consulting firm with widely recognised expertise in assessing the integrity and safety of TSFs. Third party assurance has also included an independent assessment by Acorn International, an Environment, Social, Governance assurance consulting firm on the social and human rights aspects of the GISTM. 

Based on our ongoing TSF management systems and independent third-party assessments we have in place for our TSFs with ‘Very High’ and ‘Extreme” Consequence Classifications we believe that any gaps in conformance are identified and managed appropriately.  

The disclosure is available on our website (www.glencore.com/sustainability/esg-a-z/Tailings) and includes factsheets for 15 facilities with details on gaps against the GISTM and time bound measures to address them. We have also provided an updated register of our ‘Low’, ‘Significant’ and ‘High’ Consequence Classification TSFs, with further details to be disclosed on these in August 2025.

For further information please contact:

Investors

Martin Fewings    
t: +41 41 709 28 80    
m: +41 79 737 56 42    
martin.fewings@glencore.com

Media

Charles Watenphul    
t: +41 41 709 24 62    
m: +41 79 904 33 20    
charles.watenphul@glencore.com

Glencore LEI: 2138002658CPO9NBH955

Notes for editors

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today.

With around 140,000 employees and contractors and a strong footprint in over 35 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 40 offices. 

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

We recognise our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement by decarbonising our own operational footprint. We believe that we should take a holistic approach and have considered our commitment through the lens of our global industrial emissions. Against a 2019 baseline, we are committed to reducing our Scope 1, 2 and 3 industrial emissions by 15% by the end of 2026, 50% by the end of 2035 and we have an ambition to achieve net zero industrial emissions by the end of 2050. For more detail see our 2022 Climate Report on the publication page of our website at glencore.com/publications.

Important notice concerning this document, the Tailings Storage Facilities ("TSF") webpage www.glencore.com/sustainability/esg-a-z/Tailings (the "webpage"), as well as the factsheets for each TSF and the TSF Register which can be downloaded from the webpage.

The information in this document and provided on the webpage, in each factsheet and in the TSF Register (including but not limited to the facts, figures, accompanying explanations and descriptions) (the "Information") has been prepared by Glencore in good faith and in accordance with the methodology set out on the webpage.

The Information is provided in response to the ICMM Conformance Protocols – Global Industry Standard on Tailings Management of May 2021, and the Global Industry Standard for Tailings Management ("GISTM") in Glencore's capacity as a member of the International Council on Mining and Metals.

There are inherent limitations to the Information including the following:

• The scope and depth of the information, which is contemplated by the GISTM is extensive and covers a wide range of topics. The data gathering process has therefore necessitated the collection and assessment of a considerable volume of historical and current business records and data that are generated and maintained by Glencore and its subsidiaries and affiliates (the "Data and Records").
• The process also involved interpreting the Data and Records and making evaluations and assessments. The findings set out in this document and on the webpage, in the factsheets, and the TSF Register are therefore the products of subjective professional judgments which were made during the review and assessment process. This includes Information on the historical, current, and future assessments of the status and structural integrity of each TSF as identified in this document, on the webpage and in the factsheets and the TSF Register.
• The findings set out in this document, on the webpage and in the factsheets and the TSF Register moreover represent the outcome of assessments conducted at a specific "point in time" when the Information was generated. The Information shall accordingly not, under any circumstances, create any implication that there has been no change in the current status or structural integrity of any of the TSFs as described in this document, on the webpage or in the factsheets or the TSF Register after the date on which the Information was generated, or that the Information (or any part thereof) is correct as at any time subsequent to that date.

Except as required by law, Glencore is not under any obligation, and Glencore and each of its subsidiaries and affiliates expressly disclaim any intention, obligation, undertaking or duty of care, to update or revise any information, including forward looking statements, whether as a result of new information, future events or otherwise, in this document, on the webpage or in the factsheets or the TSF Register during the course of the year. Notwithstanding the foregoing, Glencore reserves the right, in its sole discretion, to correct any information on the webpage or in the factsheets or the TSF Register which it determines is inaccurate or incorrect in any material respect.

The Information should be read in conjunction with Glencore's other publications (available from www.glencore.com/publications), including the "Risk management – Understanding our risks information" section in its most recent Annual Report.

The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, on the webpage and in the factsheets or the TSF Register, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

This document, the webpage, the individual factsheets or the TSF Register do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. The Information is made available for information purposes only. It has not been prepared as financial or investment advice, to provide any guidance in relation to our future performance, or as a disclosure document that is required to be lodged or filed with any regulatory authority in any jurisdiction. The Information therefore does not purport to contain all the facts that may be necessary or desirable to enable any recipient to properly evaluate and and/or to make any investment decision.

By their nature, this document, the webpage, the factsheets and the TSF Register contain statements that are, or may be deemed to be, “forward looking statements” which are prospective in nature. These forward-looking statements may be identified by the use of forward-looking terminology, or the negative thereof including, without limitation, “outlook”, “guidance”, “trend”, “plans”, “expects”, “continues”, “assumes”, “is subject to”, “budget”, “scheduled”, “estimates”, “aims”, “forecasts”, “risks”, “intends”, “positioned”, “predicts”, “projects”, “anticipates”, “believes”, or variations of such words or comparable terminology and phrases or statements that certain actions, events or results “may”, “could”, “should”, “shall”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial condition, and discussions of strategy. These statements reflect judgments, assumptions, estimates and other information available as at the date of publication of the Information or the date of the corresponding assessment, review, planning or scenario analysis process.
Forward looking statements involve known and unknown risks and uncertainties, many of which are beyond Glencore’s control. Forward looking statements are not guarantees of future performance and may and often do differ materially from operational performance and actual results. Important factors that could cause these uncertainties include, but are not limited to, unforeseen extreme weather events, unforeseen seismic events, or other unforeseen natural phenomena such as hurricanes, cyclones, storms, floods, earthquakes, fires, landslides or other events, or other events or factors which are entirely beyond Glencore’s control. Such events and factors could adversely affect the current consequence classification, status, and structural integrity of the TSFs which are described in the factsheets. 

Neither Glencore nor any of its subsidiaries or affiliates, nor any of its or their respective associates or directors, officers, employees, agents, or advisers, provides any representation, assurance or guarantee in respect of the occurrence (or non-occurrence) of the events expressed or implied in any forward-looking statements in this document, on the webpage or in the factsheets or the TSF Register. In addition, neither Glencore nor any of its subsidiaries or affiliates, nor any of its or their respective associates or directors, officers, employees, agents, or advisers accepts any liability or may be held accountable for any loss or damage that may result for a person relying on any forward-looking statements. Subject to any terms implied by law which cannot be excluded, Glencore accepts no responsibility for any loss, damage, cost, or expense (whether direct or indirect) incurred by any person as a result of any error, omission, or misrepresentation in information in this document, on the webpage, or in the factsheets or the TSF Register. You are cautioned not to place any reliance on any of these forward-looking statements which only speak as of the date of this document, the webpage, the factsheets or the TSF Register.